Pick of the Week - 06.10.16

The Moneyfacts Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market.

Brief product details together with independent Moneyfacts analysis can be used with confidence in your finance sections. You can select one or two products to sit beside a relevant story or use them all as a general feature.

Secure Trust Bank

Secure Trust Bank has launched a new two-year fixed rate bond, paying 1.50% yearly. Savers must invest from £1,000 up to a maximum of £1 million. Additions are permitted while the issue remains open, however, early access to funds is not allowed. This deal is for savers aged 18 and over and can be operated by post and phone.

Paying 1.50%, this two-year fixed rate bond is highly attractive and therefore heads straight into the Moneyfacts.co.uk Best Buys. With a great rate, this is likely to be a popular choice among savers looking for a straightforward fixed rate bond. However, with no access to funds, savers need to ensure they have enough savings elsewhere for life’s little emergencies.

Virgin Money

Virgin Money has reduced its three-year fixed rate mortgage, which is now priced at 2.74% to 1.1.20. This deal is for all applicants who wish to borrow at 90% loan-to-value. No fee is payable and an incentive package is available, with a £300 cash rebate for house purchase customers and remortgage customers receiving free valuation and legal fees. This deal has the flexibility of being able to make overpayments up to 10% of the outstanding balance and take payment holidays.

Borrowers with a modest deposit of 10% will be intrigued by this latest update from Virgin Money. Priced at 2.74% for three years, this deal is highly competitive and heads straight for the Moneyfacts.co.uk Best Buys. With the added boost of having no fee and a fabulous incentive package, this deal is likely to be an attractive option for many.

Virgin Money’s lending area includes Scotland.

Loughborough Building Society

Loughborough Building Society has launched a new two-year discounted variable rate mortgage, priced at 1.64% (3.20% discount). This deal is for all borrowers who wish to borrow between £25,000 at 85% loan-to-value. A fee of £499 is payable, of which £300 can be added to the advance of the mortgage. This deal comes with the flexibility of making overpayments up to 10% of the outstanding balance.

Loughborough Building Society’s 1.64% two-year discounted variable rate offers a cost-effective option for borrowers. Not only does this deal have a Moneyfacts.co.uk Best Buys-worthy rate, but the reasonable fee will no doubt make this a popular choice.

Loughborough Building Society’s lending area does not include Scotland.

Santander

Santander has launched the All in One Credit Card MasterCard. This deal offers a 40-month interest-free term for introductory balance transfers, with an introductory balance transfer fee of 1.00% (min £5.00). A six-month interest-free term for purchases is also included, with any purchases thereafter charged at 21.7% APR. This card has a monthly fee of £3, but customers will be able to earn 0.50% cashback on their monthly spending which may be able to offset this cost. Customers have to be 18 or over with a minimum income of £7,500. Applications can be made in branch, by phone or online.

With 40 months interest-free for balance transfers, this deal sits towards the top of the Moneyfacts.co.uk Best Buys, offering customers valuable breathing space over the longer-term. The 0.50% cashback earnt on monthly spending is an added bonus. However, borrowers will need to weigh up the card fee with any potential gains to make sure they are obtaining the best deal.

Sainsbury’s Bank

Sainsbury’s Bank has reduced the rate on its unsecured personal loan tier of £7,500 to £15,000. Customers can now apply for this competitive loan with a term of 37 months to five years at 3.2% APR. Customers must be 18 or over, have a minimum household income of £7,500 per year, and be a Nectar cardholder. Applications can be made by phone or online.

Sainsbury’s Bank improves its ‘outstanding’ Moneyfacts personal loan rating following a reduction to its £7,500 to £15,000 tier. This deal is highly competitive, making it an ideal choice for anyone looking to consolidate their debts.

Notes to editors

Publications are free to reproduce the tables and comments for their readers and the correct sourcing should read Moneyfacts.co.uk. Online publications are also free to reproduce the tables and comments for their viewers by sourcing a hyperlink to Moneyfacts.co.uk on any page that uses the information provided.

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Moneyfacts is the UK's leading independent provider of personal finance information. For two decades, Moneyfacts' information has been the key driver behind many personal finance decisions.

Moneyfacts also supplies Best Buy charts to many of the UK national and regional newspapers. Our dedicated research experts produce five monthly publications as well as providing real-time news and data services to the majority of banks and building societies. Additional information can be found at www.moneyfactsgroup.co.uk.

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